Pulitzer Inc. Reports Tenth-Period Revenue for Five Weeks Ended
November 2, 2003 ST. LOUIS, Nov. 18 /PRNewswire-FirstCall/ --
Pulitzer Inc. today announced that revenues increased 3.6 percent
for the five-week accounting period ended November 2, 2003 and
increased 0.7 percent for the 44-week year-to-date period when
compared to the respective 2002 periods. October 2003 advertising
revenue in St. Louis and at the 12 Pulitzer Newspapers, Inc.
("PNI") markets increased 6.4 percent versus last year, with
increases of 5.9 percent at the combined St. Louis operations and
7.6 percent at PNI. On a comparable basis, excluding the results of
2003 PNI acquisitions absent in 2002, total comparable revenue
increased 2.9 percent for the five-week period ended November 2,
2003 and increased 0.5 percent for the 44-week year-to-date period.
Total comparable advertising revenue increased 5.6 percent for the
five-week period ended November 2, 2003 and increased 1.1 percent
for the 44-week year-to-date period. October 2003 comparable
advertising revenue increased 5.9 percent at the combined St. Louis
operations and 4.8 percent at PNI. The principal components of the
tenth-period comparable advertising revenue results were: --
Comparable retail advertising revenue, including preprints,
increased 5.5 percent. Comparable retail ROP increased 3.4 percent,
principally due to strength in the grocery store, electronics,
healthcare and financial categories, as well as gains in local
territory revenue, which increased 10.8 percent in St. Louis,
partially offset by weakness in the department store, home
improvement, entertainment and furniture segments. Comparable St.
Louis and PNI retail ROP increased 2.9 percent and 4.2 percent,
respectively. Comparable total retail preprint revenue increased
12.0 percent in St. Louis and 7.1 percent at PNI. -- Comparable
national advertising revenues, including preprints, increased 12.3
percent versus the comparable 2002 period due to strength in
preprint revenue, which increased 35.9 percent for the period.
Comparable national ROP increased 9.3 percent, principally due to
strength in the travel and automotive categories. -- Comparable
classified revenue increased 3.9 percent from last year due to
strength in automotive and real estate revenue in St. Louis and
increases in help wanted and real estate revenue at PNI. October
2003 comparable help wanted revenue decreased 6.7 percent in St.
Louis and increased 6.7 percent at PNI. Comparable automotive
revenue increased 8.6 percent in St. Louis and decreased 7.9
percent at PNI. Comparable October real estate revenue increased
10.5 percent in St. Louis and 12.3 percent at PNI. October 2003
revenue associated with the Company's 50 percent interest in the
Tucson Newspaper Agency ("TNI") decreased 0.2 percent and total
advertising revenue decreased 0.4 percent. TNI retail revenue,
including preprints, decreased 5.8 percent with a 1.4 percent
decrease in retail preprints. TNI national revenue, including
preprints, decreased 14.7 percent, principally due to weakness in
the pharmaceutical and entertainment categories. October classified
revenue increased 11.5 percent, with help wanted showing increases
of 27.7 percent, partially offset by declines in automotive and
real estate revenue of 0.2 percent each. Earnings Guidance (see
Notes) The Company reaffirms its guidance for full-year 2003 base
earnings per diluted share, initially presented in December 2002,
of at least $1.95. However, as previously stated, continued
weakness from recruitment, automotive and major retail advertisers,
and the fourth quarter ramp-up in costs associated with
implementing the upcoming purchase of the St. Louis distribution
businesses of certain single copy dealers, make achieving this
level of base earnings more challenging than originally
anticipated. Pulitzer Inc., through various subsidiaries and
affiliated entities, is engaged in newspaper publishing and related
new media activities. The Company's newspaper operations include
two major metropolitan dailies, the St. Louis Post-Dispatch and the
Arizona Daily Star in Tucson, Arizona, and 12 other dailies: The
Pantagraph, Bloomington, Ill.; The Daily Herald, Provo, Utah; the
Santa Maria Times, Santa Maria, Calif.; The Napa Valley Register,
Napa, Calif.; The World, Coos Bay, Ore.; The Sentinel, Hanford,
Calif.; the Arizona Daily Sun, Flagstaff, Ariz.; the Daily
Chronicle, DeKalb, Ill.; The Garden Island, Lihue, Hawaii; the
Daily Journal, Park Hills, Mo.; The Lompoc Record, Lompoc, Calif.;
and The Daily News, Rhinelander, Wisc. The Company's newspaper
operations also include the Suburban Journals of Greater St. Louis,
a group of 37 weekly papers and various niche publications. The
Company's new media and interactive initiatives include
STLtoday.com in St. Louis, azstarnet.com in Tucson, and Web sites
for all of its other dailies. Pulitzer Inc. is the successor to the
company originally founded by Joseph Pulitzer in St. Louis in 1878.
For further information, visit our Web site at
http://www.pulitzerinc.com/. NOTES: Statements in this press
release concerning the Company's business outlook or future
economic performance, anticipated profitability, revenues, expenses
or other financial items, together with other statements that are
not historical facts, are "forward-looking statements" as that term
is defined under the Federal Securities Laws. Forward-looking
statements are subject to risks, uncertainties and other factors
which could cause actual results to differ materially from those
stated in such statements. Such risks, uncertainties and other
factors include, but are not limited to, industry cyclicality, the
seasonal nature of the business, changes in pricing or other
actions by competitors or suppliers (including newsprint), outcome
of labor negotiations, capital or similar requirements, and general
economic conditions, any of which may impact advertising and
circulation revenues and various types of expenses, as well as
other risks detailed in the Company's filings with the Securities
and Exchange Commission. Although the Company believes that the
expectations reflected in "forward-looking statements" are
reasonable, it cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, investors are cautioned
not to place undue reliance on any such "forward-looking
statements," and the Company disclaims any obligation to update the
information contained herein or to publicly announce the result of
any revisions to such "forward-looking statements" to reflect
future events or developments. The Company's calculation of "Base
Earnings" and "Base Earnings per Diluted Share," including guidance
contained herein for full-year 2003 base earnings per diluted
share, exclude gains and losses related to certain non-operating
investments that are not a strategic component of the Company's
capital structure or operating plans (principally, investments in
new media companies and partnerships making similar investments),
and employment termination inducements associated with positions
that will not be staffed. Gains or losses on the sale of marketable
securities reflect activity in a strategic component of the
Company's capital structure and are, therefore, included in the
determination of "Base Earnings," and "Base Earnings per Diluted
Share." The Company cannot currently determine full-year 2003
investment gains and losses, if any, related to certain
non-operating investments or future employment termination
inducements, if any. The Company's calculation of "Base Earnings"
and "Base Earnings per Diluted Share," including guidance contained
herein for full-year 2003 base earnings per diluted share, may not
be comparable to similarly titled measures reported by other
companies. "Base Earnings" and "Base Earnings per Diluted Share,"
as defined above, are not measures of performance under generally
accepted accounting principles ("GAAP") and should not be construed
as substitutes for consolidated net income and diluted earnings per
share as a measure of performance. However, management uses "Base
Earnings" and "Base Earnings per Diluted Share" for comparing the
Company's past, current, and future performance and believes that
they provide meaningful and comparable information to investors to
aid in their analysis of the Company's performance relative to
other periods and to its peers. PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT (Revenue in
thousands--Unaudited) Five Five 44 44 Weeks Weeks Weeks Weeks Ended
Ended Ended Ended Nov. 2, Nov. 3, Nov. 2, Nov. 3, 2003 2002 Change
2003 2002 Change (Note 4) (Note 4) Consolidated Operating Revenues
(Note 1): Advertising: Retail $12,412 $11,913 4.2% $ 97,333 $
97,770 (0.4%) National 3,181 2,911 9.3% 23,949 21,432 11.7%
Classified 12,534 11,928 5.1% 105,931 110,007 (3.7%) Total 28,127
26,752 5.1% 227,213 229,209 (0.9%) Preprints 6,282 5,590 12.4%
50,305 44,471 13.1% Total Advertising 34,409 32,342 6.4% 277,518
273,680 1.4% Circulation 7,710 7,846 (1.7%) 68,033 68,305 (0.4%)
Other 644 1,073 (40.0%) 5,808 6,857 (15.3%) Total $42,763 $41,261
3.6% $351,359 $348,842 0.7% Operating Revenues of Consolidated
Subsidiaries: Combined St. Louis Operations (Note 2): Advertising
(Note 3): $24,652 $23,278 5.9% $200,638 $198,214 1.2% Circulation
5,688 5,810 (2.1%) 50,434 50,575 (0.3%) Other 205 486 (57.8%) 1,405
1,927 (27.1%) Total $30,545 $29,574 3.3% $252,477 $250,716 0.7%
Pulitzer Newspapers, Inc. Advertising (Note 3): $ 9,757 $ 9,064
7.6% $ 76,880 $ 75,466 1.9% Circulation 2,022 2,036 (0.7%) 17,599
17,730 (0.7%) Other 439 587 (25.2%) 4,403 4,930 (10.7%) Total
$12,218 $11,687 4.5% $ 98,882 $ 98,126 0.8% Operating Revenues of
Unconsolidated Newspaper Joint Venture: Pulitzer's 50% share of
Tucson Newspaper Agency: Advertising (Note 3): $ 4,139 $ 4,155
(0.4%) $ 34,635 $ 34,249 1.1% Circulation 1,087 1,033 5.2% 9,663
9,036 6.9% Other 31 79 (60.8%) 379 495 (23.4%) Total $ 5,257 $
5,267 (0.2%) $ 44,677 $ 43,780 2.0% Note 1 Year-to-year comparisons
are affected by current-year weekly newspaper acquisitions that
complement the Company's newspapers in several markets. On a
comparable basis, excluding the impact of the 2003 acquisitions
absent in 2002, advertising and total revenues would have increased
and decreased as follows: Five-Week 44-Week Comparable Change
Comparable Change Total Total Pulitzer PNI Pulitzer PNI Advertising
Revenue 5.6% 4.8% 1.1% 0.9% Total Revenue 2.9% 2.0% 0.5% (0.1%)
Note 2 Includes revenues of the St. Louis Post-Dispatch, Suburban
Journals of Greater St. Louis, St. Louis e-media operations, and
STL Distribution Services. Note 3 For the five-week and
year-to-date periods ended November 2, 2003, classified employment
advertising revenue in St. Louis, including STLtoday.com, declined
6.7 percent and 12.8 percent, respectively. At PNI, comparable
classified employment advertising revenue, excluding the impact of
2003 acquisitions absent in 2002, increased 6.7 percent and
decreased 3.4 percent for the five-week and year-to-date periods,
respectively. At the Tucson Newspaper Agency, classified employment
advertising revenue increased 27.7 percent and 3.7 percent for the
five-week and year-to-date periods, respectively. Note 4 Certain
reclassifications have been made to the 2003 and 2002 financial
statements and statistical data to conform with the presentation
made for the tenth period of 2003. PULITZER INC. AND SUBSIDIARIES
PERIOD REVENUE AND STATISTICAL REPORT SELECTED STATISTICAL
INFORMATION Five Five 44 44 Weeks Weeks Weeks Weeks Ended Ended
Ended Ended Nov. 2, Nov. 3, Nov. 2, Nov. 3, 2003 2002 Change 2003
2002 Change (Note 4) (Note 4) Advertising Linage (in thousands of
inches) ST. LOUIS POST-DISPATCH: Advertising Inches Full run (all
zones) Retail 87.6 80.1 9.4% 630.6 619.9 1.7% General 21.3 21.9
(2.6%) 163.7 164.9 (0.7%) Classified 96.4 100.5 (4.1%) 869.7 909.7
(4.4%) Total 205.3 202.4 1.4% 1,663.9 1,694.4 (1.8%) Part run
(Retail/ Classified) 49.7 51.5 (3.5%) 406.1 470.7 (13.7%) Total
Inches 255.0 253.9 0.4% 2,070.0 2,165.2 (4.4%) TUCSON NEWSPAPER
AGENCY: Star/Citizen advertising inches Full run (all zones) Retail
142.9 157.2 (9.1%) 1,236.2 1,318.5 (6.2%) General 10.6 10.5 1.0%
76.1 85.5 (11.0%) Classified 155.3 150.1 3.5% 1,327.4 1,315.7 0.9%
Total 308.8 317.8 (2.8%) 2,639.7 2,719.7 (2.9%) Part run (Retail/
Classified) 1.7 7.2 (76.4%) 55.9 80.9 (30.9%) Total Inches 310.5
325.0 (4.5%) 2,695.6 2,800.6 (3.7%) Year-to-Date Period Average
Average 2003 2002 Change 2003 2002 Change Circulation (Note 5): ST.
LOUIS POST-DISPATCH: Daily 285,000 286,818 (0.6%) 285,000 286,818
(0.6%) Sunday 448,805 467,905 (4.1%) 448,805 467,905 (4.1%)
COMBINED PULITZER NEWSPAPERS, INC.: Daily 190,914 191,404 (0.3%)
188,841 188,342 0.3% Sunday 190,341 190,628 (0.2%) 190,398 188,666
0.9% TUCSON NEWSPAPER AGENCY: Star Daily 103,347 103,300 0.0%
103,098 102,693 0.4% Citizen Daily 32,253 34,762 (7.2%) 33,565
36,265 (7.4%) Combined Daily 135,600 138,062 (1.8%) 136,663 138,958
(1.7%) Star Sunday 169,844 171,005 (0.7%) 169,942 170,641 (0.4%)
Five Five 44 44 Weeks Weeks Weeks Weeks Ended Ended Ended Ended
Nov. 2, Nov. 3, Nov. 2, Nov. 3, 2003 2002 Change 2003 2002 Change
(Note 4) (Note 4) Online Page Views (in thousands) Combined St.
Louis (Note 6): 28,187 16,977 66.0% 220,639 146,664 50.4% Combined
PNI Web sites (Note 7): 8,031 9,295 (13.6%) 74,559 82,894 (10.1%)
Combined Tucson Web sites: 6,738 8,344 (19.2%) 66,338 57,034 16.3%
Note 5 Year-to-date circulation levels represent averages
(unaudited) for the current ABC annual audit periods ending
September 30 and December 31 for the St. Louis Post-Dispatch and
Tucson Newspaper Agency, respectively. Year-to-date PNI amounts
represent combined averages (unaudited) for the annual periods
ending December 31. Note 6 Company estimate for year-to-date 2002.
Note 7 Beginning in January 2003, the Company changed the manner in
which PNI records page view data. 2003 data may not be comparable
with 2002 reported results. DATASOURCE: Pulitzer Inc. CONTACT:
James V. Maloney, Director of Shareholder Relations of Pulitzer
Inc., +1-314-340-8402 Web site: http://www.pulitzerinc.com/
http://azstarnet.com/ http://stltoday.com/
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